Essentials

What is the $20,000 small business tax break?

Existing Westpac business banking customers If you're already a Westpac customer, because we know about your finance history, you may qualify for on the spot approval with no need to provide financials if your credit check meets our lending criteria.

Features

There are 3 different vehicle financing products that allow you to know exactly how much you need to pay for the life of the agreement:

Commercial loan has fixed interest rates

Commercial hire purchase and finance lease have fixed payments

Revolving limit is available. Ideal for customers with a fleet

Residual value for finance lease or balloon for commercial hire purchase or commercial loan is available.

So which finance option suits you best?

Finance Lease

Commercial Loan

Commercial Hire Purchase

What is it?

We purchase the asset at your request and rent it to you for an agreed period.

You source and own the asset and we provide a loan secured by the asset.

We purchase the asset at your request and you buy it from us in instalments.

Who owns the asset?

We do and you rent it from us.

You do and we hold it as security.

We do until the agreement has been paid when ownership is transferred to you.

What is the potential tax benefit?

The rental payments are generally tax deductible.

The interest on the finance and depreciation of the asset are generally both tax deductible.

The interest on the finance and depreciation of the asset are generally both tax deductible.

Fees

Amount financed

Establishment fee

$420,000 or less

$450.00

More than $420,000

0.1% of amount financed plus $30.00

Other fees and charges, including government duties and GST, may apply

Rates

The interest rate for a commercial loan and payments for a commercial hire purchase or finance lease are dependent on a number of factors, including the actual financing option, the type and age of the vehicle being purchased and the term of the finance agreement.

For a personalised quote, please send your details and we'll be in touch in 1 working day.

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Things you should know

Calculator: Terms and conditions, additional fees and charges may apply. Government taxes such as GST may alter the amounts quoted by this calculator. Obtain your own tax or financial advice to see if a product suits your needs. If you want to understand how GST affects our products please call us on 1300 360 322. Any calculation made using this calculator is only a guide and is not an offer of finance. Enter full amount to be financed. Lending criteria applies to finance applications.

1. Access to funds in 2 business hours of all lending conditions being satisfied and approved by us. Available to eligible customers only. Credit criteria, terms and conditions, fees and charges apply.

The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation. Customers must seek their own independent tax advice in relation to their individual circumstances.

Conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.